Plastics industry expected to have annual turnover of Rs 10 lakh crore by 2027: Narayan Rane

Agency, Nov 16 (FN Representative) With exports increasing to two lakh tonnes, the plastics industry is expected to have an annual turnover of Rs 10 lakh crore by 2027, Union Minister of Micro, Small and Medium Enterprises Narayan Rane said on Wednesday.Employment opportunities will be created for one crore people in the next five years through this industry, he said while virtually addressing Global MSME Convention organised here.

He observed that currently approximately 50,000 industries are operating in the plastics sector and that most of these industries are micro, small and medium scale.He noted that these industries contribute Rs 3.5 lakh crore to the country’s economy and also generate employment opportunities for more than 50,000 people.About Rs 35,000 crore worth of plastic is exported from India, he addedThe Minister said 60 percent of plastic in the country is getting recycled, a rate higher than that of developed countries.Plastic production is increasing through the Government’s ‘Make in India’, ‘Skill India’, ‘Swachh Bharat’ and ‘Digital India’ initiatives, he said.The Minister expressed government’s resolve to provide all possible support for the latest technology to boost the plastic industry.He further said the plastic industry’s contribution will go a long way in fulfilling the Prime Minister’s vision of ‘Atmanirbhar Bharat’.Goa Chief Minister Pramod Sawant appealed to the plastic industry to give attention primarily to the agriculture sector.He also said the Goa government will provide all possible support to the plastic industry.